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"Modern banking was developed in the United Kingdom in the 17th century and the legal facts are very clear but not very well known. Banks do not take deposits and banks do not lend money. That is a fact." -- Richard Werner

Mainstream economists are the clergy of finance; the high priests of this peculiar religion pontificate in grand temples we call Central Banks. Their role is to shroud politically motivated economic decisions in a complex, mumbo jumbo mythology, designed at once to justify policies that enrich and consolidate the money power, while simultaneously propagating the belief that their actions are founded on well established, scientifically robust, theories and models.

Fortunately, since the financial crisis of 2008, a brighter light has been shone on the credo of mainstream economics. How much longer the high priests' invocations from this sacred canon will continue to awe and mesmerise is debatable, what is not debatable is that almost all economics taught today is an intellectual fraud and has no basis in reality. If you doubt this to be true, please enjoy the following talk given by Richard Werner to the Russian Academy of Sciences in Moscow on "the Central Bank issue".

There's a stark beauty in the way Mr Werner destroys, in simple, unambiguous language, the entire facade of dominant economic theory and in doing so reveals the rather ugly forces and motivations it was constructed to obscure.

The truth always has a markedly identifiable character: a lack of nuance and a simplicity without oversimplification.

Here's Mr Werner:

NOTE: The whole talk is worth watching and Richard Werner begins his talk at around 12 mins.
For brevity we begin at approximately 24 mins, 12 minutes into his talk.